Are you able to give us a background of
The corporate, which is into processing, packing, export and import of nuts and dry fruits, was established in Jammu in 1926. Nutraj, the umbrella model of VKC Nuts, is the most recent retail and client model available in the market. The corporate reported a 25% progress in income to Rs 900 crore within the 12 months ending 31 March 2022 and has set a goal of Rs 1,500 crore within the subsequent fiscal 12 months. VKC Nuts at present has seven items in Bengaluru, Delhi-NCR, Mumbai, and Jammu & Kashmir.
What’s driving the demand for these merchandise, after a swap from conventional kirana shops to fashionable stores and e-commerce platforms?
Globalization and consciousness of well being advantages of nuts and dry fruits may very well be a few elements driving gross sales. Particularly after COVID-19, shoppers affiliate nuts and dry fruits with good well being.
Equally, the expansion can also be related with rising earnings ranges. Having stated that, India remains to be on the tip of the iceberg. The per capita consumption of nuts and dry fruits remains to be very low as in comparison with the US and different developed markets.
What could be your technique going ahead?
Whereas the business remains to be very fragmented, we declare to be the most important participant available in the market. If one appears to be like at numbers, now we have round 4% market share. By estimates, the business is pegged at Rs 20,000 crore and we’re nearing round Rs 1,000 crore. We plan to open eight extra manufacturing items by 2024, every with a capability of 10,000 metric tonnes. We additionally purpose to have a complete of 25 company-owned shops and 50 franchise shops by the tip of 2023.
Do you could have any recommendations on the coverage entrance?
The taxation within the business may be very excessive. Walnuts can be found at a 120% tariff and raisins are at a 105% tariff. If one thing will be accomplished on the tariff entrance, it might assist everybody. There must be extra consciousness on a part of the authorities, particularly as these are wholesome meals objects. It’s going to assist broaden the class.